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Sep 3, 2012
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states. euro/sterling, down a little bit. after that manufacturing pmi number came much better than expected. so interestingly enough, employment stilg still picking up in manufacturing. although it's still in contractionary territory. if you like pmi, you'll like china for the last couple of days. >> i think, ross, asian bourses mostly finished higher despite down beat manufacturing numbers from china. analysts say those weak readings could prompt supported policies from the central bank. the gape, 0.6% gold liner search off future fed. developers rally following the comments on building more affordable housing. the hang seng followed suit, helped by congress congress property place and internet giants. turning negative in late trade to end at a four-week low. lost over 6% after it proposed to revise down its stake back in march. energy places and industrials sent the kospi higher by .4%. samsung electronics lost a round after apple targeted four more cents on products. the afx 200 eked out
states. euro/sterling, down a little bit. after that manufacturing pmi number came much better than expected. so interestingly enough, employment stilg still picking up in manufacturing. although it's still in contractionary territory. if you like pmi, you'll like china for the last couple of days. >> i think, ross, asian bourses mostly finished higher despite down beat manufacturing numbers from china. analysts say those weak readings could prompt supported policies from the central...
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Sep 7, 2012
09/12
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where does that leave political classes, not only in the eurozone but also in the united states. the global issue has been a subject john has been involved, the ceo of eli lilly. nice to see you. let's see this issue of leadership. clerly the onus with central banks doing as much as they can in terms of turning around the global economy. the emphasis is very much on a political class in europe that is fighting its own corners, and in a clearly divided political class in the united states. can't we achieve this sort of leadership the world needs economically? >> we're in a tough situations that's been years in the making and i think it will be years to work our way out of it. there's an old saying as elected democracies we get the leaders we deserve. different views on our leaders reflect a certain divisiveness on leaders. some of the comment i made here yesterday of the position i would take, and i think we should be looking toward from the perspective of anyone who runs a company is leadership that takes a long-term view when temptations are otherwise to deal only with the short
where does that leave political classes, not only in the eurozone but also in the united states. the global issue has been a subject john has been involved, the ceo of eli lilly. nice to see you. let's see this issue of leadership. clerly the onus with central banks doing as much as they can in terms of turning around the global economy. the emphasis is very much on a political class in europe that is fighting its own corners, and in a clearly divided political class in the united states. can't...
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Sep 21, 2012
09/12
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those viewers in the united states waking up, why are the apple workers in paris upset? >> for the last week, they've been extremely it is grunt he willed. all over the french media, they've been meeting with different management, complaining, in pact one of them was quoted as saying working at apple is like working in a coal mine. they've been complaining that they have to work longer hours than what they're paid for, that they don't get any commissions uneven though they're under constant pressure to sell. they're monitored by cameras in the stores and looking for things like a 13th month of pay as a bonus, higher pay and water fountains in the store. some of these things are standards for french workers, but they're complaining that apple has been extremely resistant to provide them these things. in fact they say they've been fighting for three years for the 13th month of pay. so at the end of yesterday, there was a sort of last resort meeting at which it was decided that these issues would be revisited before the end of the year, that the company would consider them
those viewers in the united states waking up, why are the apple workers in paris upset? >> for the last week, they've been extremely it is grunt he willed. all over the french media, they've been meeting with different management, complaining, in pact one of them was quoted as saying working at apple is like working in a coal mine. they've been complaining that they have to work longer hours than what they're paid for, that they don't get any commissions uneven though they're under...
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Sep 14, 2012
09/12
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in the united states it has a dual mandate. price stability and full employment. and it's done neither. and so i'm glad they're finally tying those actions together. >> marc, fair point. what would you do as a policy maker? >> well, first of all, if i were mr. bernanke, for sure i would resign after having messed up the u.s. as badly as mr. greenspan and mr. bernanke have done over the last 15 years. and mr. bernanke before he was fed chairman, he was one of the principal architects of ultra expansionary monetary policies, never paying any attention to credit growths that led to the housing bubble. and if i had messed up this badly, i would for sure resign. but secondly, if you you really want to have an expansionary mop taker po monetary policy that helps the man on the street, should you do what sheila bair proposed, namely send each household a check for $5 million interest rate free. i would go as far as to say send them each $10 million free as a gift and put it on the balance sheet of the treasury and the fed and that would boost consumption temporary. don't
in the united states it has a dual mandate. price stability and full employment. and it's done neither. and so i'm glad they're finally tying those actions together. >> marc, fair point. what would you do as a policy maker? >> well, first of all, if i were mr. bernanke, for sure i would resign after having messed up the u.s. as badly as mr. greenspan and mr. bernanke have done over the last 15 years. and mr. bernanke before he was fed chairman, he was one of the principal architects...
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Sep 5, 2012
09/12
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as far as what's on the agenda in the united states, second quarter productivity out at 8:30 eastern. forecasts calling for 1.9% growth. unit labor costs have seen rising by 1.4%. corporate side, discount retailer dollar general reports figures before the open. after the close we'll hear from the likes of h&r block, harry winston and menswear house. that's the agenda for you today. >>> meanwhile, a leaked report from troika suggests imposing a six-day work week on greece as a condition of bail outs. we want to know, is that fair or is the troika going too far? jeff tweets in to say, no, six-day work week is not fair. don't punish workers for government's mismanagement and stupid. join the conversation here on "worldwide exchange." get in touch by e-mail or tweet us @cnbcwex or individually. ross? >> do that and still to come, david cameron is under spotlight as he faces questions in parliament following yesterday's cabinet reshuffle. > >>> welcome back to the program. these are your headlines. fedex cutting forecasts. >>> u.s. services pmi shows a slump on the eve of a key ecb meeting
as far as what's on the agenda in the united states, second quarter productivity out at 8:30 eastern. forecasts calling for 1.9% growth. unit labor costs have seen rising by 1.4%. corporate side, discount retailer dollar general reports figures before the open. after the close we'll hear from the likes of h&r block, harry winston and menswear house. that's the agenda for you today. >>> meanwhile, a leaked report from troika suggests imposing a six-day work week on greece as a...
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Sep 17, 2012
09/12
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we look at dodd-frank, we look at the regulatory framework in the united states. we look at the fed. one of the greatest threats to the u.s. and the capitalism really is academics and bureaucrats that really run our entire regulatory framework in the u.s. and they run the federal reserve. we need risk it takers. people that have actually taken risk to be in the regulatory framework. if you look at the crash of 2008, who is making all the decisions? it was hank paulson, someone from wall street. and we have a situation all these years later where if you look at the fdic, the futures trading commission, the regulatory infrastructure doesn't have approach risk takers. and that's a big threat. >> it sounds like you think the fed are taking risks. >> i've been behind the scenes taking to hedge fund managers. these are complete experimental drugs, they don't have an exit strategy. they want to make us feel good with academic contrived jargon, but this is a massive experiment. and what i'm worried about, think about in the united states we have a trillion dollars in pens
we look at dodd-frank, we look at the regulatory framework in the united states. we look at the fed. one of the greatest threats to the u.s. and the capitalism really is academics and bureaucrats that really run our entire regulatory framework in the u.s. and they run the federal reserve. we need risk it takers. people that have actually taken risk to be in the regulatory framework. if you look at the crash of 2008, who is making all the decisions? it was hank paulson, someone from wall street....
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Sep 26, 2012
09/12
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the united states is not going to just stand by. they have to overcome the pretty much resistance from other countries like russia and china in the united nations security council. but when it comes to iran, united states making it clear that they will do what they must, is what obama said, to stop iran from obtaining nuclear weapons. the iranians are saying well, we're not really striving to get nuclear weapons. so there's really not much to do on that front. but again, what are we expecting from president mahmood ahmadinejad? we got a bit of a preview yesterday in some comments that were really provocative when it comes to israel, and we expect perhaps some of that to continue in his speech later today. but again, watch very carefully for that speech. might get further clues about where iran stands at the moment. also, of course, it will be worth watching and tuning in to the israeli leader's speech. we'll have to see where this goesmz it's been a lot of rhetoric that's going on. the oil markets we'll be watching very closely. >>
the united states is not going to just stand by. they have to overcome the pretty much resistance from other countries like russia and china in the united nations security council. but when it comes to iran, united states making it clear that they will do what they must, is what obama said, to stop iran from obtaining nuclear weapons. the iranians are saying well, we're not really striving to get nuclear weapons. so there's really not much to do on that front. but again, what are we expecting...
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Sep 4, 2012
09/12
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basically, the inefficient use of some of the stimulus money in the united states really misallocated resources. we could have done a better job in terms of how we spent the money. again, even the president made fun of the fact that a lot of projects simply weren't shovel-ready. i think how we spend the money is very, very important overall. also, finally, i would just comment there is a budget constraint with respect to fiscal spen pentagon. so, as we saw in om of the european economies, spending more money when it's perceived that over the long run it's going to be more and more difficult for you to meet that budget constraint in term of paying that money back doesn't do you a lot of good in terms of perhaps a weaker dollar, a higher inflation expectations, higher real interest rate over time. so i think, again, i think the professor has it right. there are limits to fiscal policy, especially given the large debt to gdp rashs that we have in the united states. >> john, thank you for getting up for us this morning. steve horowitz will stay with us and we'll talk about a alternatives.
basically, the inefficient use of some of the stimulus money in the united states really misallocated resources. we could have done a better job in terms of how we spent the money. again, even the president made fun of the fact that a lot of projects simply weren't shovel-ready. i think how we spend the money is very, very important overall. also, finally, i would just comment there is a budget constraint with respect to fiscal spen pentagon. so, as we saw in om of the european economies,...
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Sep 13, 2012
09/12
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how about is the hurdle in the united states particularly from the second tier defense contractors? >> it's substantial, ross. and good more than ning to you kelly. i think what we'll see in the u.s., we call them second tier, but they're huge in their own right. lockheed martin, northrop grumman, general dynamics, those companies will feel immense pressure to merge or at least look at combinations in order to have the size to compete with a combination of aeds/bae and boeing. $90 million worth of revenue last year. boeing still is technically the largest at $67 billion in revenue. and as you mentioned, the approval here in the u.s. is going to be key because really this deal is all about greater access to the u.s. defense market. despite all the objections, when you look at the plants and the production facilities that both bae and aeds now have, or are under construction, i think they'll have enough clout to ultimately get the deal to go through. >> phil, there's certainly a lot of focus on whether this is an effort to kind of get aeds operating more -- thought of more as an indep
how about is the hurdle in the united states particularly from the second tier defense contractors? >> it's substantial, ross. and good more than ning to you kelly. i think what we'll see in the u.s., we call them second tier, but they're huge in their own right. lockheed martin, northrop grumman, general dynamics, those companies will feel immense pressure to merge or at least look at combinations in order to have the size to compete with a combination of aeds/bae and boeing. $90 million...
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Sep 11, 2012
09/12
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concerns about a wlum bettering united states economy and who know what is will happen in europe and you can understand why there's several hot spots of concern. one of the leading industrials was the head of nissan worried about china and to a certain extent, but not so much for economic reasons, but because of sovereignty claims between japan and the prc. >> it's a worrying situation. anything which is taking place between two countries which have everything to complement each other and to work together, everything that could become a threat into distorting the relationship is worrying obviously for a major economy. i still think that hopefully wisdom will try to resolve the issues, but you never know. >> and setting asided china, what about the u.s. economy. people there tonight have enough household savings. how could they possibly support a company like nissan. surprisingly, he says america not a problem. it's the other side of the atlantic. >> our worry is not the u.s. market. u.s. market is going fine. today our worry of most companies in europe, this is where most trouble are
concerns about a wlum bettering united states economy and who know what is will happen in europe and you can understand why there's several hot spots of concern. one of the leading industrials was the head of nissan worried about china and to a certain extent, but not so much for economic reasons, but because of sovereignty claims between japan and the prc. >> it's a worrying situation. anything which is taking place between two countries which have everything to complement each other and...
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Sep 24, 2012
09/12
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obviously helped from sales in the united states and china. and then you have the latins, french and italians facing substantial issues of sales and excess capacity. fiat closed a factory in siscil, but that was done at financial costs. >> as an investor, all the political pressure to stay in italy comes potentially at what might be in the company's best interests longer term. >> i think will is really the issue. i think one of the quid pro quo for closing the plant in sicily was to actually at least bring more production back into italy from poland and this is the new one they started producing at the beginning of the year and they already announced short time working so it's still not selling. >> is that reflective of concerns in europe or does it scare with what we heard out of daimler which was talk about slowing europe and china sales trends. >> daimler and mercedes specifically highlighted problems in southern europe. that plays into fiat's main market. >> and meanwhile journalist who had the story we're talking about fiat now plans to r
obviously helped from sales in the united states and china. and then you have the latins, french and italians facing substantial issues of sales and excess capacity. fiat closed a factory in siscil, but that was done at financial costs. >> as an investor, all the political pressure to stay in italy comes potentially at what might be in the company's best interests longer term. >> i think will is really the issue. i think one of the quid pro quo for closing the plant in sicily was to...
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Sep 12, 2012
09/12
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i mean, the math is done a little bit differently in the united states, you having done a ph.d. at harvard. they are taking care of the problem, aren't they? they are in the process? >> well, they are talking about it. i don't think they are doing any meaningful things, because in the u.s. political system, you really have to have the president, the white house, and the congress working together. and currently, the two parties are not even talking the same language oftentimes. so i do hope whatever the outcome of the presidential election in the u.s., the two parties, the administration and the parliament, the congress should work together. >> yeah, their philosophies are farther apart than ever. it's two different americas. what are you saying then? you're saying with the prospect of still a possible qe3, that a serious debasement of the dollar devaluation -- almost like a deliberate devaluation of the dollar is going to enter the conversation here? is that what you're alluding to? >> no. what i'm saying is the u.s. financial crisis is a monumental, historical event. the conseq
i mean, the math is done a little bit differently in the united states, you having done a ph.d. at harvard. they are taking care of the problem, aren't they? they are in the process? >> well, they are talking about it. i don't think they are doing any meaningful things, because in the u.s. political system, you really have to have the president, the white house, and the congress working together. and currently, the two parties are not even talking the same language oftentimes. so i do...
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Sep 27, 2012
09/12
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manufacturing is moving back it to the united states unbelievably rapidly. so they can argue about currency and outsourcing, but the u.s. is the beneficiary right now. >> they're selling the wrong story. meanwhile protesters gathering in madrid, calling for the spanish government to resign. are a hoig's reforms have proved deeply unpopular. steve, what are we going to get today and what do we get tomorrow when we hear about how much more money the banks need? >> very interesting. i've already spoken to the economy ministry about the financial assessment of the banks. they pretty much have a credit line of 100 billion euros. that money is waiting really although the conditionality has been questioned after some of the northern europeans, just questioning what the money will be used for and indeed where it goes to specifically. but in terms of the budget today, cuts across the papers. whether 4% at the justice ministry, 30% agriculture, public works. the rajoy is trying to play a catty game. he's trying to reempty the conditionality that may welcome with an of
manufacturing is moving back it to the united states unbelievably rapidly. so they can argue about currency and outsourcing, but the u.s. is the beneficiary right now. >> they're selling the wrong story. meanwhile protesters gathering in madrid, calling for the spanish government to resign. are a hoig's reforms have proved deeply unpopular. steve, what are we going to get today and what do we get tomorrow when we hear about how much more money the banks need? >> very interesting....
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Sep 6, 2012
09/12
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there actually in the united states has been a dip in new starts. usually there's an upswing in new starts in the recession. we have a very unusual recession going on here. i think it's largely driven by the origins of the recession, that it was a finance-based recession. this has rippled through in terms of credit into the economy and it's changing the nature of available capital resources for startups. although your concern is logical, i don't think it's what's happening right now. >> the number one concern people have about the u.k. is the proximity to europe. this seems to be the number one issue. you can't do anything about the back drop. the government has pinned its hopes on programs like the funding for lending scheme. do you think this does anything to encourage small businesses? >> there's a couple of points in there. i completely agree that we have a challenge that our largest trading partner is the e.u. there's little to be done about that per se. but funding -- the lending for business scheme is a challenge in the startup context in a n
there actually in the united states has been a dip in new starts. usually there's an upswing in new starts in the recession. we have a very unusual recession going on here. i think it's largely driven by the origins of the recession, that it was a finance-based recession. this has rippled through in terms of credit into the economy and it's changing the nature of available capital resources for startups. although your concern is logical, i don't think it's what's happening right now. >>...
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Sep 10, 2012
09/12
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it tells you a lot about the structural dynamic of employment here in the united states. and you're seeing still an increase in the number of people hiring for temporary work rather than full-time employment and a lot of the full-time jobs are in the lower paying wage range which really impacts consumer for down the road for stronger economic recoveries. >> another concern is the falling share of americans who are in the labor force. so as a whole, the figure continues to decline that's partly because of demographic reasons. but 20 to 24-year-olds, 70% for the first time. a trend across the board happening worldwide. and it would suggest that this goes beyond -- or that the damage in this particular recession could last for quite some time. >> certainly we're hoping to see better that i thinks to see people give more encourage chme but a lot of things have to be addressed quickly. what you are seeing is again i would go back to the fact that there are still a lot of job opportunities out there. people have to know where to find them. we pulled statistics from the national
it tells you a lot about the structural dynamic of employment here in the united states. and you're seeing still an increase in the number of people hiring for temporary work rather than full-time employment and a lot of the full-time jobs are in the lower paying wage range which really impacts consumer for down the road for stronger economic recoveries. >> another concern is the falling share of americans who are in the labor force. so as a whole, the figure continues to decline that's...
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Sep 28, 2012
09/12
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states and young people turned out. this time not so much. i've seen a number of polls on university campuses that they're pretty apathetic about the whole thing this time. so it will come down to turnout. and low turnout on the democrat side of course helps republicans because republicans vote no matter what. >> no matter what. >> no matter what. i'm voting on the 27th of october. >> no matter what. >> who are you voting for, do we know? >> i couldn't possibly say. >> mary jo will stick away. she did work for ronald reagan and george h.w. bush, as well. in other news, israeli prime minister benjamin netanyahu has issued a warning that the nuclear program must be stopped and limitses need to be drawn up to allow time for facilities to be dismantled. >> a red line should be drawn right here. before, before iran completes the second stage of nuke checle enrichment necessary to make a bomb. before iran gets to the point where it's a few months away or a few weeks away from amassing enough to make a nuclear weapon. >> you k
states and young people turned out. this time not so much. i've seen a number of polls on university campuses that they're pretty apathetic about the whole thing this time. so it will come down to turnout. and low turnout on the democrat side of course helps republicans because republicans vote no matter what. >> no matter what. >> no matter what. i'm voting on the 27th of october. >> no matter what. >> who are you voting for, do we know? >> i couldn't possibly...
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Sep 25, 2012
09/12
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also on the agenda today in the united states, two key data points .at s. housing recovery. expected to be up 1% for july. and we'll also have the latest consumer confidence report, this is the richmond fed manufacturing survey due out at 1:00 eastern. also an auction of two year treasury notes. >> speaking of economic indicator, here's one for you. southern europeans are cutting back on their coffee due to the economic downturn. consumption is down in italy and sman to levels not seen for the last five or six years. and perhaps in a silver lining for the rest of us, that's driving the price of coffee down. what do you cut back on in tough economic time times some do you still need the daily caffeine boost? two pounds a day really does add up. i know i'm equity of that myself. e-mail us or tweet us to respond to that or anything else you've heard on the program this morning. and speaking of twitter, on wednesday on cnbc, we'll have an exclusive interview with the twitter ceo. tweet your questions today using the #ask twitter. >> and angela merkel, we'll hear from an author w
also on the agenda today in the united states, two key data points .at s. housing recovery. expected to be up 1% for july. and we'll also have the latest consumer confidence report, this is the richmond fed manufacturing survey due out at 1:00 eastern. also an auction of two year treasury notes. >> speaking of economic indicator, here's one for you. southern europeans are cutting back on their coffee due to the economic downturn. consumption is down in italy and sman to levels not seen...